Guideline Value for NAVABHARATH COLONY 1ST STREET

Navabharath Colony 1st Street guideline value

The current guideline value of Navabharath Colony 1st Street is Rs 11,000 per sq.ft, effective from 1 July 2024. This street is located in Thiruvanmiyur village, under the Chennai South Joint I SRO. The land classification for this area is Residential Special Type - II.

How the guideline value of Navabharath Colony 1st Street has changed

The guideline value for Navabharath Colony 1st Street has undergone several revisions over the years. In the 2012 revision, the value was set at Rs 10,000 per sq.ft. This figure dropped to Rs 6,700 per sq.ft in the 2017 revision, marking a decrease of 33%. However, the value saw a significant increase in the subsequent years, rising to Rs 10,000 per sq.ft in 2023 and further to Rs 11,000 per sq.ft in the 2024 revision, which is a 10% increase from the previous year.

From the 2017 revision to the 2023 revision, the guideline value increased by 49%. Overall, from 2012 to 2024, the value has increased by 10%. It is important to note that there are no figures available for the revisions in 2002, 2003, and 2007 for this street.

Guideline values in Thiruvanmiyur

In Thiruvanmiyur, there are 484 streets under the Chennai South Joint I SRO that carry a 2024 guideline value, ranging from Rs 3,520 to Rs 12,660 per sq.ft. The median value among these streets is Rs 9,900 per sq.ft, placing the guideline value of Navabharath Colony 1st Street above this median.

• Navabharath Colony: Rs 11,000 per sq.ft (2024)
• Navabharath Colony 2nd Street: Rs 11,000 per sq.ft (2024)
• Navalar Nedunchezhian Road: Rs 11,000 per sq.ft (2024)
• Natesan Street: Rs 7,150 per sq.ft (2024)
• Navarathina Avenue: Rs 11,000 per sq.ft (2024)
• Nethaji Nagar North Street: Rs 9,900 per sq.ft (2024)

Stamp duty and registration fee for property in Navabharath Colony 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 11,000 per sq.ft, the total guideline value would be Rs 1,10,00,000. The stamp duty at 7% would amount to Rs 7,70,000, while the registration fee at 2% would be Rs 2,20,000, bringing the total fees to Rs 9,90,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Navabharath Colony 1st Street?

The Sub Registrar Office that covers Navabharath Colony 1st Street is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035. You can find your SRO for more details.

How the guideline value is used when you buy or sell in Thiruvanmiyur

The guideline value is an important factor during the registration of property transactions in Thiruvanmiyur. It serves as a benchmark for determining the stamp duty and registration fees applicable to the property being bought or sold.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Navabharath Colony 1st Street?

The current guideline value of Navabharath Colony 1st Street is Rs 11,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 10,000 per sq.ft in 2012 to Rs 6,700 per sq.ft in 2017, then increased to Rs 10,000 per sq.ft in 2023, and finally to Rs 11,000 per sq.ft in 2024.

What is the land classification for Navabharath Colony 1st Street?

The land classification for Navabharath Colony 1st Street is Residential Special Type - II.

What are the stamp duty and registration fees for property in this area?

For a property valued at Rs 1,10,00,000, the stamp duty would be Rs 7,70,000 and the registration fee would be Rs 2,20,000, totaling Rs 9,90,000.

Which office handles the registration for Navabharath Colony 1st Street?

The Chennai South Joint I Sub Registrar Office handles the registration for Navabharath Colony 1st Street, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.